If you've been in your home for a while and have considered other loan options, you may have heard the term reverse mortgage without being aware of how this product can benefit you. While this type of mortgage works for those who have a high amount of equity in their home, here are the details on reverse mortgages and how this product may work for you. What's A Reverse Mortgage? The reverse mortgage was created in 2009 as the Home Equity Conversion Mortgage for Purchase (HECM) and is something … [Read more...]
Understanding How Mortgage Amortization Works and How It Can Affect Your Future
Whether you're just beginning to peruse the market or you've recently found your dream home, there's a chance you're already considering the lenders and loan terms that will work best for you. Amortization may be a less-familiar term when it comes to the layman's knowledge of buying a home, but knowing more about exactly what it means can go a long way towards a more secure financial future. Explaining Mortgage Amortization Amortization is the process of paying off your mortgage loan through … [Read more...]
Baby on the Way? Helpful Advice for Managing a Mortgage With Only One Parent Working
If you're dealing with paying off your mortgage and going down to a one-income family, it can be complicated to determine how to financially swing it. However, becoming a parent and managing a mortgage are quite common nowadays with maternity leave and the modern family. While managing a mortgage on just one salary can be a challenge, there are a few simple things you can do to make it work. Buy The House You Can Afford It may sound much too simple, but many people get so wrapped up in the … [Read more...]
Buy Your Home Today: Understanding Why It’s a Bad Idea to Try and Time the Mortgage Market
It's often the case that people will opt to postpone home ownership until the best rates are available or it's a more stable investment, but in an ever-shifting market it may not be the best decision to put such a sizeable investment off. If you're wondering whether or not you should put off investing in a home, here are some reasons you may want to start putting your time into searching for a home. Interest Rates Always Fluctuate While interest rates are constantly changing and have certainly … [Read more...]
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